Synopsis
Union Home Minister Amit Shah emphasized the need for cooperative banks to integrate modern technologies during a recent address in Pune. This initiative aims to support India's ambitious economic goals and enhance the cooperative sector's contributions to national development.Key Takeaways
- Cooperative banks must adopt modern technologies.
- 70 crore people have accessed essential facilities.
- The government is establishing regional offices for cooperative registrars.
- An umbrella organization will support urban cooperative banks.
- 1,465 urban cooperative banks exist, with Maharashtra leading.
Pune, Feb 22 (NationPress) Union Home Minister Amit Shah urged cooperative banks to embrace modern technologies for advancement.
He emphasized that the cooperative sector has made significant strides towards realizing Prime Minister Narendra Modi’s visions, which include achieving a Viksit Bharat by 2047 and propelling the nation’s economy to $5 trillion by 2027.
“In fulfilling these aspirations, we are striving to work for individuals based on their capacity, ensuring prosperity for every family, and engaging everyone in the nation's development through the cooperative sector. The Ministry of Cooperation was founded to foster the cooperative sector's growth. Over the past decade, 70 crore underprivileged people in the nation have gained access to essential facilities such as housing, electricity, gas, water, toilets, health insurance up to Rs 5 lakh, and 5 kg of food grains monthly. There is no substitute for the cooperative sector in promoting family and national development,” stated the Home Minister during the Diamond Jubilee celebration of the Janata Sahakari Multi Scheduled Bank in Pune.
However, he reiterated that in order to progress within the cooperative sector, ‘it is crucial for cooperative banks to adopt new technologies’.
Amit Shah noted that the cooperative sector has been advancing over the last three years.
“The central government has initiated the establishment of regional offices for the Central Cooperative Registrar, with the first one opening in Pune. These offices will fortify the scheduled banks. An umbrella organization is functioning for urban cooperative banks, with Rs 300 crore already deposited in it. This organization is now adept at assisting cooperative banks in updating their core banking systems and enhancing technological efficiency,” he mentioned.
The Home Minister added: “Through this umbrella organization, a State Cooperative Bank of India Clearing House for urban cooperatives will be established within the next two years, benefiting district and state cooperative banks across the country.”
Furthermore, he stated that a committee will be formed to implement innovations in cooperative banks to remain competitive with nationalized banks.
According to him, the Ministry of Cooperatives has undertaken numerous initiatives to boost the business of urban cooperative banks. He noted that there are 1,465 urban cooperative banks nationwide, with Maharashtra hosting the highest number at 460 banks.
